Investing.com - PNC Financial (NYSE:PNC) reported on Friday third quarter earnings that beat analysts' forecasts and revenue that topped expectations.
PNC Financial announced adjusted earnings per share of $3.75, including $.45 in merger integration costs, on revenue of $5.20B. Analysts polled by Investing.com anticipated EPS of $3.38 on revenue of $5.04B.
Loans decreased 2%, reflecting PPP loan forgiveness and a decrease in BBVA (MC:BBVA) USA legacy loan portfolios; PNC closed on the acquisition of BBVA USA in June. PNC states that it remains on track to realize $900 million in cost savings. The company benefited from a recapture of $203M in credit loss provisions.
CEO/Chairman Bill Demchak said, "In the third quarter PNC delivered solid financial results reflecting revenue growth and strong credit quality performance. While average loans increased due to the full quarter benefit of BBVA USA, period-end loans decreased modestly due to Paycheck Protection Program loan forgiveness activity. Importantly, we have completed the conversion of BBVA USA, providing all existing and new PNC customers with access to our coast-to-coast franchise. With the significant expansion of our footprint and the continued execution of our strategic priorities, we see substantial opportunities to leverage our best-in-class products and services, and deliver enhanced shareholder value for years to come."
In low-volume pre-market trading, shares are up .6%. PNC Financial shares are up 35% from the beginning of the year, still down 1.19% from its 52 week high of $204.93 set on October 11. They are outperforming the S&P 500 which is up 18.16% from the start of the year.
PNC Financial follows other major banking earnings reports this week
PNC Financial's report follows an earnings beat by JPMorgan on Wednesday, who reported EPS of $3.74 on revenue of $30.44B, compared to forecasts EPS of $3 on revenue of $29.86B.
Morgan Stanley (NYSE:MS) also beat Morgan Stanley on Thursday with third quarter EPS of $2.04 on revenue of $14.75B, compared to forecast for EPS of $1.69 on revenue of $13.93B.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar